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Inter Pipeline Ltd. Q1-2018 Earnings & Price Target Update

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Inter Pipeline owns and operates energy infrastructure assets primarily in western Canada, and also the United Kingdom, Germany, Ireland and Denmark. Beginning in Q1-2018 Inter Pipeline's four operating segments will be combined into three segments comprised of Pipelines, Facilities and Marketing. The oil sands transportation and conventional oil pipelines will be combined with NGL extraction business and business operations in western Canada, the bulk liquid storage business operates in Europe. The Oil Sands Pipelines segment generates a 50% of funds from operations, NGL Extraction - 20%, Conventional Pipelines – 20% and the Bulk Liquids Storage - 10%. They gather 40% of production from the Canadian Oil Sands, transport 15% of conventional Canadian crude volumes, process 40% the natural gas exported from Alberta, and they are the 3rd largest independently owned tank storage business in Europe. They have $2.2B of capital projects planned to come into service between 2018 and 2020, the largest being the Heartland polypropylene fractionator acquired from Williams Co.

Acquisition of Williams Co. Canadian Assets

Inter Pipeline acquired Williams (WMP-NYSE) Canadian natural gas liquids midstream businesses for $1.35B in Sept-2016. Williams Canada pioneered the process of extracting NGL and olefins from off-gas, a by-product of bitumen upgrading operations in the oil sands region. Assets acquired include two liquids extraction plants located near Fort McMurray, Alberta, a fractionator near Redwater, Alberta and a pipeline system that connects these facilities. The two extraction plants have the capacity to recover approximately 40,000 barrels per day of NGL and olefins from the upgrader off-gas. The liquids mix is then separated into marketable products at the Redwater fractionator and sold across North America.

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